American Express Net Drops 17%
But Credit Cards Show Growth

By

Matt Murray Staff Reporter of The Wall Street Journal

Updated Jan. 27, 1998 12:01 a.m. ET

NEW YORK -- American Express Co. said net income dropped 17% in the fourth quarter due to a one-time gain in the year-earlier period, but the company continued to show strong growth in its credit-card and financial-advisers businesses.

American Express reported net income of $493 million, down from $595 million in the year-earlier quarter. The 1996 quarter included a $300 million gain on the company's exchange for common shares of...